Highlights

Description

The Parks of Taylor is located on Eureka Road between Inkster & Beech Daly in Taylor, Michigan. The property is comprised of 37 two-story buildings containing a total of 364 Townhome units: 294 2BR and 70 3BR. Built in 1968, the property recently underwent extensive renovations and is now in outstanding condition.

The Parks offers the opportunity to own multi-family housing in a stable area of southeast Michigan. Not only are units below market averages, but a new utility charge of $35 produces additional income of $76,440 (50% of units - not included in analysis). With an ongoing maintenance program and continued attention to resident needs, The Parks should produce desirable returns upon acquisition as well as into the future.

A Purchaser of The Parks may assume an attractive low-interest, tax-exempt mortgage balance of $8,235,000 due in 2012 and a taxable self-amortizing mortgage balance of $310,345 due in 2009, sponsored by MSHDA and GMAC. At $12,700,000 - $34,890 per unit, the projected EOY1 Cap Rate is 8.98% and Cash-on-Cash return is 12.66%.

The information above has
been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified
it and make no guarantee, warranty or representation about it. It is your responsibility to independently
confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are
for example only and do not represent the current or future performance of the property. The value of
this transaction to you depends on tax and other factors which should be evaluated by your tax, financial,
and legal advisors. You and your advisors should conduct a careful, independent investigation of the
property to determine to your satisfaction the suitability of the property for your needs. TB-BSO